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1、,Business Plan Tool Kit,1,Contents,What is a Business Plan Writing a Business Plan Business Plan sample(to be complemented later),2,Definition of a business plan The role of a business plan in new business development process The significance of a business idea Developing a business idea Elements of
2、 a promising business idea Prioritizing a business idea Protecting your business idea,What is a Business Plan,3,Definition of a business plan,A business plan must have a detailed plan for the following eight factors;1)Product/Service 2)Market and Competition 3)Marketing 4)Business System 5)Organizat
3、ion and HR 6)Opportunities and Risks 7)Implementation Schedule 8)Financial Planning,What is a business plan,Developing a business idea(idea which can make money)into a detailed plan that can be implemented,4,Role of a business plan in new business development process,Stage 1,Stage 2,Stage 3,Idea Gen
4、eration,Business plan write-up,Implementation and growth,Idea Generation Management Team,Business Plan Development Team,Investment CommitteeVenture Team(TFT),What is a business plan,A business plan can be defined as the intermediary stage before a business idea can actually be implemented as a new b
5、usiness,5,Significance of a business idea,There are many different ways to generate a business idea.The following are recommendations to come up with well-organized business ideas-best if implemented at the same time Intangible Workshop:Hold workshops to generate ideas to facilitate company intangib
6、les,as the significance of intangibles continue to grow under the new economy Benchmarking/Megatrend Analysis:Study megatrends of other industries to generate ideas or conduct benchmarking analysis Online Idea DB:Make an idea DB online to enable review/posting of ideas as a way to help develop busin
7、ess ideas Business Plan Competition:Hold business plan competitions to generate business ideas,What is a business plan,No business idea,no business plan No business plan,no business,A business idea is the start of a business establishment.You must have many creative ideas which can be transformed in
8、to a business in order to create value,Developing a business idea,6,Elements of a promising business idea,The key to success in the marketplace is satisfied customers,not great products.(ex)“Our new device can perform 200 operations per minute.”(X)“Our new device has 25%fewer parts.”(X)“Our new devi
9、ce will save the customer a quarter of the time.”(O)Make value propositions to the customer Present customers with unique values.,Clear customer value,Market of adequate size,Feasibility and profitability,Sufficient degree of innovation,1,2,4,3,What is a business plan,Clear Customer Value,Who will b
10、uy your product/service?Why should the customer buy the product?(What needs does your product fulfill that the competitor products cannot?)What is most unique about your business idea?,Key Questions,7,Does the market you plan to target with your products/services have adequate size(no precise analys
11、is needed,statistics or estimates can be used)Know who your competitors are.,Clear customer value,Market of adequate size,Sufficient degree of innovation,1,2,4,3,What is a business plan,Market of adequate size,Feasibility and profitability,What is the market size?Is the market growing?What is your t
12、arget market and market share?Who are your competitors?What are your strengths/weaknesses compare to your competitors?,Key Questions,8,A business idea should have the following four elements according to product/service type and business system-Must specify where innovation is taking place,New produ
13、ct(Microsoft),New industry(Netscape),Existing industry,New business system(Dell),Business System,Convention,Innovation,Product/service,Convention,Innovation,Clear customer value,Market of adequate size,Sufficient degree of innovation,1,2,4,3,Feasibility and profitability,Sufficient degree of innovat
14、ion,What is a business plan,How is your product/service innovative?How is your business system innovative?,Key Questions,9,Consider feasibility(legal constraints,time/resource limits,etc)Calculate overall profitability(simple cash flow,etc),Clear customer value,Market of adequate size,Sufficient deg
15、ree of innovation,1,2,4,3,Feasibility and profitability,Feasibility and Profitability,What is a business plan,What are the constraints in implementing your business idea?Why are other people not implementing this kind of business idea?What is the gross margin rate of your planned business?How much i
16、nvestment is necessary?How much is the variable cost?Does the profit increase?What is the overall cash flow?,Key Questions,10,Prioritization of a business idea-In search of a killer idea,A process to prioritize generated ideas Positioning of ideas on the below chart based on the potential market and
17、 its feasibility Killer Idea:An idea capable of creating a new market(ex.walkman,mobile phone,Dialpad,45min.photograph printing,etc.),Seek solutions for obstacles in implementation,Immediately launch business plan write-up,Postpone,Seek ways to expand market size,Feasibility,Low,High,Market size(all
18、ow growth),Low,High,What is a business plan,11,Protecting a business idea,Ways of protecting a business idea Patenting:Patenting a business idea to ensure legal protection Confidentiality agreement:Maintaining a confidentiality agreement with related parties working on the business idea Quick implem
19、entation:Implementing your business plan as soon as possible,What is a business plan,Innovative ideas are the result of hard work and creative thinking.It is important to protect the idea sufficiently so that the idea is not exposed to other industries,The best protection is to implement your busine
20、ss idea as quickly as possible so as to build an entry barrier,12,The need to write a business plan Elements of a good business plan Business plan structure,Writing a business plan,Summary Product/Service Market and Competition Marketing Business System Organization and HR Opportunities and Risks Im
21、plementation Schedule Financial Planning,13,The need to write a business plan,“Writing a business plan forces you into disciplined thinking,if you do an intellectually honest job.An idea may sound great,but when you put down all the details and numbers it may fall apart.”,Writing a business plan,The
22、 business plan was first used in the USA by start-up and venture companies as means of acquiring funds from private investors and venture capitalists.Even major corporations rely on business plans to help them make internal investment decisions.,Can systematically examine feasibility of the new busi
23、ness from various angles-Can provide solutions to problems and heighten efficiency of the new business with clear analysis of the situation Provides an invaluable tool for management and evaluation of the project,Benefits of writing a business plan,14,Elements of a good business plan,Clarity:Must cl
24、early lay out the key points(strengths)of the business plan Objectivity:Must be based on objective data Simplicity:Should be comprehensible by technical layman Consistency:Must have uniform visual layout and consistency in editing of the final version,Well-defined,quantifiable customer value:Lowerin
25、g the cost of delivering an existing value or creating a new value if this can be achieved at reasonable cost Innovative product/service:The product/service and/or business system must possess a high degree of innovation The possibility to protect/sustain the innovation A growing and/or large market
26、:The target market should grow at a fast pace or should be a large market A far-sighted analysis of the competition:Provide a complete and objective description of existing and potential future competitors A careful weighing of the risks and opportunities:Provide a realistic description of the risks
27、 involved in the business and plans to overcome them.Explain ways to make use of potential opportunities,Writing a business plan,15,Check to see if your readers can read and comprehend the summary in five to ten minutes even if the person has no previous knowledge of your business concept or its tec
28、hnical or scientific basis,Writing a business plan,Summary,The summary should be able to deliver the most important aspects of the business plan to the decision-makers,Focus on these four elements when writing your summary Clarity of the business idea Value the product/service provides to the custom
29、er Market size and growth Return on investment,Describe your business idea as clearly,compellingly,and concisely as you can,16,Product/service,Development status of the product/service Explain the stage of development your product/service has reached Identify technical/legal/consumer behavioral/part
30、nership(need to partner with other industries)/social and cultural constraints in delivering product or service to customers and provide solution measures,“If you dont know what the customer value is,the whole thing is a waste of time.”,Writing a business plan,Clearly indicate how your product/servi
31、ce differs from those that are now or will be on the market,Customer Value The business plan doesnt make any sense if the product or service fails to provide better value to the customer compared to current market offerings Analyze the value the customer gains from your product/service Weigh the adv
32、antages and disadvantages of the new product/service from the customers perspective,17,Check List(Product/service),Have you explained plans to retrieve the value delivered to the customer?(how will you get your money back),Development status of the product/service,Have you accurately explained the c
33、urrent stage of development of your product/service?,Have you indicated what resources(time,personnel,funds)you require for each subsequent development?,Customer Value,Is there a clear definition of what customer value your product/service provides?,Have you defined who you customers are and who are
34、 not?,Have you identified why the customer buys your product/service?(Have you explained what added value the customer receives compared to other products/services),Have you weighed the strengths/weaknesses of your product/service over comparable products/services from the customers perspective?,Hav
35、e you conducted pilot tests or surveys to see if the product/service fulfills customer needs?(or tried other means to find out),Have you explained the technical barriers and solution measures?,Have you explained the institutional/legal constraints and ways to overcome them?,Have you explained the cu
36、stomary/consumer behavioral constraints and solutions?,Have you explained the cultural/social constraints and ways to overcome them?,Yes,No,Writing a business plan,18,Market and Competition,Market size and growth A rapid increase in the value of the company can be expected only if the market holds a
37、 great potential The market size should be presented in figures i.e.number of customers,of unit sales,total sales Your expectations for market growth are critical;show what factors will affect developments(e.g.technology,legislative initiatives)Forecasting market size and growth,Define factors influ
38、encing market size and growth,Set hypothesis on future developments,Collect facts needed to verify hypothesis(past trends,expert opinions),Estimate market size and growth based on the proven hypothesis,“If there is no competition,there is probably no market.”,Writing a business plan,19,Points to fol
39、low when making an estimate Build on solid foundation:Rely on easily verifiable figures even though there may be many unknowns Think logically:An estimate should be a logical conclusion and should not have any leaps in logic or depend on unspecified assumptions Compare your sources:Check your facts
40、with other sources(interviews,statistics,expert opinions)to ensure objectiveness Be creative:Look for a substitute variable that relates to your need when a variable is unknown Check for plausibility:Check if each estimate makes sense,Writing a business plan,20,Market Segmentation-Segment the market
41、 and explain your target market-There are many ways to segment the market but the following three elements need to be present 1)Determine the number of customer in each market segment and their buying power(Measurability)2)Identify customer behavioral pattern in each segment(Homogenous-within)3)Use
42、the same marketing strategy for customers within each segment,Customer segmentation criteria for consumer goods markets,Customer segmentation criteria for industrial goods markets,Location:country,urban/rural(population density),climateDemographics:age,sex,income,profession,religion,education levelB
43、ehavior:Frequency of product purchase,product usage,brand loyalty,price sensitivity,purchasing variablesPsychological factors:Lifestyle(behavior,interest,opinion),Demographics:company size,industry,location Operations:technology employed(e.g.,digital,analog)Buying habits:centralized or decentralized
44、 purchasing,purchasing criteria Situational factor:urgency of need,order size,Writing a business plan,21,CompetitionCompare key customer value,target customers,sales revenue,market share,cost positioning,product lines,and distribution channels of your company with those of your competitorsCompare st
45、rengths/weaknesses of your product with that of the competitorsConsider ways to maintain your competitive edgeCompare your intangible assets with those of the competitorsAnalyze your positioning strategy in the market with that of the competitorsPositioning:transferring the customers market position
46、 of the product/service to a position that the company wants to take(ex.Low quality producthigh quality product,baby products adult products)Maps for designing positioning strategy(samples),Quality,Low,High,Price,Low,High,Product line,Low,High,Delivery time,Low,High,Credibility,Low,High,Convenience,
47、Low,High,Writing a business plan,22,Have you explained factors crucial for success in your target market?,Competition,Have you identified your competitors with comparable products/services?,Have you given an analysis of your potential competitors?,Market size and growth,Have you explained the genera
48、l trend of your target market?,Is there a rationale for present market size?,Is there a rationale for future market growth rate?,Market segmentation,Have you defined the criteria for market segmentation and its rationale?,Have you compared the strengths and weaknesses of your major competitors with
49、your own?,Have you compared your strategies with those of your competitors?,What is your competitive edge(especially intangible)over your competitors and have you explained if your competitive edge will be sustainable?,Have you given a rationale for characteristics of each market segment(profitabili
50、ty,size,growth rate)and their future prospects?,Is there a clear definition of the target customer and customer examples?,Have you determined the target market share for each market segment?,Writing a business plan,Check List(Market and competition),Yes,No,23,Marketing,Price Determine the attainable
